Limit order - Good Til Canceled

Summary

This article explains what a Good Til Canceled limit order is, how it works, and how to place one using Bitvavo's advanced trading dashboard. It also covers how to cancel or edit an open limit order, the optional "post-only" setting, and where to view your outstanding orders.

A Good Til Canceled limit order is the most commonly used limit order and has the following characteristics:

1. Your order will be executed at the price you've entered or at an improved price.
2. Your order will remain in the order book until the order is (a) executed or (b) canceled by you.

Example

Suppose you only want to buy 10 Bitcoin at a predetermined price. You, therefore, submit a Good Til Canceled limit order for the purchase of 10 Bitcoin for the price of €999 per item under the following market conditions:

• As there is currently no seller who is willing to sell Bitcoin for €999, your order cannot (yet) be executed.
• Only when there is a seller who is willing to sell his Bitcoin for €999 per Bitcoin (part of) will your order be filled.
• As soon as there is another seller who is willing to sell Bitcoin for €999 each, your order will be filled further. This continues until you have purchased the desired number of 10 Bitcoin for the desired amount of €999 per item.

This way, you know for sure that your order will only be executed at the price you specified, but it is uncertain whether and when your order will be executed. As long as your order has not yet been executed, you will have the option of canceling it.

How do I place a limit order?

You submit a Good Til Canceled limit order as follows:

1. Go to the Pro Mode.
   
   

   
   
   

2. At the top left, choose the market in which you want to trade.
   
   
   
   
3. Choose a purchase or sale order.
   
   
   
   
4. Choose a limit order.
   
   
   
   
5. Specify the quantity that you want to buy or sell.
6. Specify the amount on which you want to set the limit per digital currency.
7. Click 'Continue'.

After completing the abovementioned steps, you have submitted a Good Til Cancelled limit order.

What is the 'post-only' option?

You can choose to make your limit order post-only. This means:

• Your order will only be added to the order book if it cannot be executed immediately.
• Your order is always classified as a maker, so you’ll benefit from lower maker fees.

Note: Large post-only orders may not be executed due to their size.

How to use the 'post-only' setting

After step 6 above:

1. Click "Advanced".

2. Enable the "post-only" checkbox before submitting your order.

The advantage of putting in a post-only Good Til Canceled limit order is that you are certain that you will not owe the taker fee. Your order will only be added to the order book if it can be classified as a maker (so you can make use of the lower maker fee), or it will not be put in.

Where can I view my open limit orders?

As long as your order is not yet filled, it will remain open until it can be filled for the desired price.

Your open orders can be found under the TradingView chart. If you are on a small(er) screen, click on the arrow below the TradingView chart to show both the open and filled orders.

Note: the order is only visible in the trade screen of the corresponding digital currency. Suppose you have an open Bitcoin order; you will not find this Bitcoin order in the trade screen of another digital currency.

How can I cancel or change a limit order?

As long as your Good Til Canceled limit order has not yet been filled, you can cancel or change it. This can be done as follows:

To cancel an order:

1. Scroll down to your open orders.

2. Click the “×” icon next to the order you want to cancel.
   

To change the open limit order:

1. All your outstanding orders are listed under the TradingView chart.
2. Click on paper and pencil icon.
   
   
   
   
3. Change the order and click on 'Confirm'.